Freeport-McMoRan Inc. $FCX Shares Acquired by Walser Wealth Management Company A Ltd Liability Co

Walser Wealth Management Company A Ltd Liability Co raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 282.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,486 shares of the natural resource company’s stock after acquiring an additional 49,114 shares during the period. Freeport-McMoRan makes up 1.8% of Walser Wealth Management Company A Ltd Liability Co’s portfolio, making the stock its 8th biggest position. Walser Wealth Management Company A Ltd Liability Co’s holdings in Freeport-McMoRan were worth $3,908,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Wellington Management Group LLP raised its holdings in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after buying an additional 23,950,557 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the period. Franklin Resources Inc. increased its holdings in Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Amundi raised its position in Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock valued at $721,806,000 after purchasing an additional 7,192,955 shares during the period. Finally, PointState Capital LP purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $198,523,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

FCX traded down $1.98 on Tuesday, hitting $59.02. 3,101,217 shares of the company’s stock were exchanged, compared to its average volume of 17,700,795. The firm has a market cap of $84.85 billion, a PE ratio of 31.16, a P/E/G ratio of 0.74 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a fifty day moving average of $63.81 and a two-hundred day moving average of $61.43.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 15.96%.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. BNP Paribas Exane upped their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Raymond James Financial decreased their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Jefferies Financial Group raised their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, Barclays initiated coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $68.36.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.